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4/15/15
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Walker & Dunlop Inc arranged $11.4 mil in refi money on Sunkist Shopping Center, a 171k sf multi-tenant retail center in La Puente. The first mortgage loan was financed through Starwood Mortgage Capital with an accelerated timeframe reducing significant interest rate risk to the borrower.
Built in 1948 and renovated in 1974 and 1985, Sunkist Shopping Center is currently anchored by Rite-Aid and Big Saver Supermarket, who has been a tenant at the property since 1999.
The borrower was in the beginning stage of construction and lease commencement with a national credit tenant that brought about the necessity to carve out this piece of the deal. Walker & Dunlop and the borrower’s counsel successfully structured the deal such that the to-be-constructed portion of the center was removed from the collateral and is now free and clear. Mark Grace led the Walker & Dunlop team that structured the deal.
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